While possessing money the next important thing is to manage that money. If you are bad at money management then these earnings would make no sense. Poor money management may often lead us to unwanted situations. With proper management, we would be able to bring out the best possible outcomes from our earnings. I often see myself having a tough time despite having and spending a lot of money in a particular time frame. It's like I got money and I spent it on many tasks but in the end, I am not feeling good about the spending I did, they could have been used better.
From the time you realize that it's high time, you should have a proper time management strategy. You should start working on it otherwise one must regret it in the long run. In my case, when I realized that I am losing track of my money, I took a step, stopped withdrawing money repeatedly, fixed that to the starting of every month, that too with a possible cost for the upcoming month. You can say this as First Rule to have calculated monthly expenses and separate the amount to keep an easy track of it.
As in crypto space, most of our assets may have in the form of crypto, and that too in many volatile assets. While in an emergency, it's kinda hard to sell volatile assets as they might not be in the sweet spots to sell and extract the money out of it at that moment. So for these cases I mostly try to keep an amount in stable currencies to have them at any time I might need. Last two months were the perfect example of this. I had to pull out money for my emergencies and I was relieved that I had kept aside some stable ones because the whole market was in a bloodbath during my need. So the Second Rule can be said as having an amount as Emergency money.
Here comes the Third Rule and that's having an investment for the future possibilities. In crypto, you can't have a guaranteed successful investment but surely some wise investment with a huge possibility of success. So it's better to step foot in some such projects, also you can invest in some real-life assets for extra stability and guaranteed growth. Well, I am not deep-dived into investment but trying to do it with my little steps. I also have a preference to invest in ourselves, at this moment, I think this is a great one because it would open many possibilities of success in the future and recently I am doing so too, and investing in myself.
Well, these are from my own realizations that worked for me. Recently I did realize the need for proper management and tried to share it with you guys. Most of my assets are in crypto, some are in fiat for extreme emergencies or for future needs, kept aside from my easy reach. Because I am very poor at managing cash, one moment I become too good at management, and the next moment I would spend them all on unnecessary things. That's why I just keep just the amount I need in hand, otherwise, I prefer them out of my reach to avoid mismanagement. So make your money management strategies that work the best for you, you may add more points according to your needs and thoughts.